Earnings and Revenue Performance - AbbVie reported adjusted earnings of $2.31 per share for Q1 2024, beating the Zacks Consensus Estimate of $2.26 and exceeding the guidance range of $2.18-$2.22 [1] - Revenues of $12.31 billion surpassed the Zacks Consensus Estimate of $11.99 billion, with a 0.7% year-over-year increase on a reported basis and 1.6% on an operational basis [1] - Earnings declined 6.1% year-over-year [1] Product Sales Performance - Humira sales declined 35.2% year-over-year to $2.27 billion, with US sales down 39.9% to $1.77 billion and ex-US sales down 11.6% to $499 million [2] - Rinvoq sales increased 61.9% to $1.09 billion, driven by label expansions [2] - Skyrizi sales rose 48.0% to $2.01 billion, also due to label expansions [3] - Neuroscience portfolio sales increased 16.0% to $1.97 billion, driven by Vraylar, Ubrelvy, and Qulipta [3] - Oncology/hematology sales rose 9.8% to $1.54 billion, with Venclexta sales up 16.3% to $614 million [4][5] - Elahere, a recently acquired ovarian cancer drug, generated $64 million in revenues [5] Aesthetics and Eye Care Portfolio - Aesthetics portfolio sales declined 2.5% to $1.25 billion, with Botox Cosmetic sales down 2.6% to $633 million and Juvederm sales down 13.7% to $297 million [6] - Eye care portfolio sales declined 10.4% to $538 million, though Ozurdex sales rose 14.6% to $131 million [6] Cost and Margin Analysis - Adjusted SG&A expenses increased 1.6% to $3.03 billion, while adjusted R&D expenses rose 9.3% to $1.81 billion [7] - Adjusted operating margin contributed 42.2% to sales [7] Guidance and Future Outlook - AbbVie raised its 2024 EPS guidance to $11.13-$11.33, up from the previous range of $10.97-$11.17 [8] - The company expects robust revenue growth in 2025, driven by new product launches and a high single-digit CAGR through the end of the decade [10] - Management is strengthening its oncology pipeline through partnerships with companies like Umoja Biopharma and Tentarix Biotherapeutics [10] Market Performance - AbbVie shares rose 1.2% in pre-market trading following the earnings announcement [9] - Year-to-date, AbbVie shares have increased 8.0%, compared to the industry's 10.8% rise [9]

For the quarter ended March 2024, AbbVie (ABBV) reported revenue of $12.31 billion, up 0.7% over the same period last year. EPS came in at $2.31, compared to $2.46 in the year-ago quarter.The reported revenue represents a surprise of +2.65% over the Zacks Consensus Estimate of $11.99 billion. With the consensus EPS estimate being $2.26, the EPS surprise was +2.21%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectati ...

AbbVie (ABBV) came out with quarterly earnings of $2.31 per share, beating the Zacks Consensus Estimate of $2.26 per share. This compares to earnings of $2.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.21%. A quarter ago, it was expected that this drugmaker would post earnings of $2.76 per share when it actually produced earnings of $2.79, delivering a surprise of 1.09%.Over the last four quarters, the company has surpa ...

Pharmaceuticals company AbbVie (NYSE: ABBV) reported its Q1 financial results for 2024 today.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.AbbVie’s earnings came in at $1.37 billion, or $0.77 per share, as compared with $239 million, or $0.13 per share, in Q1 of FY23. The company’s revenue reached $12.31 billion, with an increase of 0.7% on a reported basis, or 1.6% on an operational basis; and above the predicted $11.93 billion.The net interest exp ...

[Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) AbbVie's Q1 2024 performance was marked by strong ex-Humira growth, particularly in Skyrizi and Rinvoq, leading to a slight revenue increase and an upward revision of full-year adjusted EPS guidance [Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) AbbVie reported a slight revenue increase to **$12.310 billion**, driven by strong growth in its ex-Humira platform, particularly Skyrizi and Rinvoq. While GAAP EPS saw a significant increase of **492.3%**, adjusted diluted EPS decreased by **6.1%** to **$2.31**. The company successfully completed the acquisition of ImmunoGen and raised its full-year 2024 adjusted EPS guidance Q1 2024 Key Financial Metrics | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Net Revenues | $12.310 Billion | +0.7% (Reported) | | GAAP Diluted EPS | $0.77 | +492.3% | | Adjusted Diluted EPS | $2.31 | -6.1% | Q1 2024 Global Net Revenues by Portfolio | Portfolio | Net Revenues (Global) | Change (Reported YoY) | | :--- | :--- | :--- | | Immunology | $5.371 Billion | -3.9% | | Oncology | $1.543 Billion | +9.0% | | Neuroscience | $1.965 Billion | +15.9% | | Aesthetics | $1.249 Billion | -4.0% | - Successfully completed the acquisition of ImmunoGen, adding its flagship cancer therapy, Elahere, to the portfolio[1](index=1&type=chunk) - Raised the full-year 2024 adjusted diluted EPS guidance range to **$11.13 - $11.33** from the previous **$10.97 - $11.17**[1](index=1&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO and COO expressed satisfaction with the quarter's strong operational execution, highlighting that results were well ahead of expectations. They credited the performance to the ex-Humira growth platform and raised the full-year outlook based on this momentum - Chairman and CEO, Richard A. Gonzalez, highlighted the company's outstanding operational execution and strong quarterly results, attributing success to the company culture and productive R&D engine[2](index=2&type=chunk) - President and COO, Robert A. Michael, noted that first-quarter results were well ahead of expectations, driven by the excellent performance of the ex-Humira growth platform, leading to an increase in the full-year outlook[2](index=2&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) This section provides a comprehensive breakdown of AbbVie's financial performance, including overall metrics and detailed portfolio-level revenue analysis [Overall Performance](index=2&type=section&id=Overall%20Performance) Total net revenues for Q1 2024 were **$12.310 billion**, a **0.7%** reported increase. GAAP operating margin was **22.7%**, while the adjusted operating margin stood at **42.2%**. GAAP diluted EPS was **$0.77**, and adjusted diluted EPS was **$2.31**, which included an unfavorable **$0.08** impact from acquired IPR&D and milestones expense Q1 2024 Financial Performance Summary | Metric | GAAP | Adjusted | | :--- | :--- | :--- | | Net Revenues | $12.310 B | - | | Gross Margin Ratio | 66.7% | 82.9% | | Operating Margin | 22.7% | 42.2% | | Tax Rate | 21.8% | 14.8% | | Diluted EPS | $0.77 | $2.31 | - Both GAAP and Adjusted EPS results include an unfavorable impact of **$0.08** per share related to acquired IPR&D and milestones expense[7](index=7&type=chunk) [Portfolio Performance Analysis](index=2&type=section&id=Portfolio%20Performance%20Analysis) The growth of Skyrizi and Rinvoq in the Immunology portfolio and strong performance in Neuroscience partially offset the decline in Humira revenues due to biosimilar competition and weakness in the Aesthetics portfolio. The Oncology portfolio saw solid growth, bolstered by the new addition of Elahere [Immunology Portfolio](index=2&type=section&id=Immunology%20Portfolio) The Immunology portfolio generated **$5.371 billion** in revenue, a **3.9%** reported decrease. This was driven by a **35.9%** decline in Humira sales due to biosimilar competition, which was significantly offset by strong growth from Skyrizi (**+47.6%**) and Rinvoq (**+59.3%**) Q1 2024 Immunology Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | Change (Operational YoY) | | :--- | :--- | :--- | :--- | | **Total Immunology** | **$5.371 B** | **-3.9%** | **-3.1%** | | Humira | $2.270 B | -35.9% | -35.2% | | Skyrizi | $2.008 B | +47.6% | +48.0% | | Rinvoq | $1.093 B | +59.3% | +61.9% | [Oncology Portfolio](index=2&type=section&id=Oncology%20Portfolio) The Oncology portfolio's net revenues grew **9.0%** to **$1.543 billion**. Venclexta sales increased by **14.2%**, while Imbruvica sales declined by **4.5%**. The portfolio also includes **$64 million** in revenue from Elahere following the ImmunoGen acquisition Q1 2024 Oncology Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | Change (Operational YoY) | | :--- | :--- | :--- | :--- | | **Total Oncology** | **$1.543 B** | **+9.0%** | **+9.8%** | | Imbruvica | $838 M | -4.5% | -4.5% | | Venclexta | $614 M | +14.2% | +16.3% | | Elahere | $64 M | N/A | N/A | [Neuroscience Portfolio](index=2&type=section&id=Neuroscience%20Portfolio) The Neuroscience portfolio delivered strong growth of **15.9%**, reaching **$1.965 billion** in revenue. Key growth drivers included Vraylar (**+23.6%**), Ubrelvy (**+33.8%**), and Qulipta (**+97.7%**), along with a **4.1%** increase in Botox Therapeutic sales Q1 2024 Neuroscience Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | | :--- | :--- | :--- | | **Total Neuroscience** | **$1.965 B** | **+15.9%** | | Botox Therapeutic | $748 M | +4.1% | | Vraylar | $694 M | +23.6% | | Ubrelvy | $203 M | +33.8% | | Qulipta | $131 M | +97.7% | [Aesthetics Portfolio](index=2&type=section&id=Aesthetics%20Portfolio) The Aesthetics portfolio saw a revenue decrease of **4.0%** to **$1.249 billion**. Both Botox Cosmetic (**-3.9%**) and the Juvederm Collection (**-16.4%**) experienced declines in sales Q1 2024 Aesthetics Portfolio Global Net Revenues | Product | Net Revenues | Change (Reported YoY) | Change (Operational YoY) | | :--- | :--- | :--- | :--- | | **Total Aesthetics** | **$1.249 B** | **-4.0%** | **-2.5%** | | Botox Cosmetic | $633 M | -3.9% | -2.6% | | Juvederm | $297 M | -16.4% | -13.7% | [Recent Events and Business Developments](index=4&type=section&id=Recent%20Events%20and%20Business%20Developments) This section outlines AbbVie's recent strategic corporate activities, including leadership changes, mergers and acquisitions, and key regulatory and clinical advancements across its product pipeline [Corporate and M&A](index=4&type=section&id=Corporate%20and%20M%26A) AbbVie announced a CEO transition, with Robert A. Michael succeeding Richard A. Gonzalez. The company completed its acquisition of ImmunoGen, adding the cancer therapy Elahere, and also announced an agreement to acquire Landos Biopharma to strengthen its autoimmune disease pipeline. Strategic partnerships were formed with OSE Immunotherapeutics and Tentarix Biotherapeutics - Announced that President and COO Robert A. Michael will succeed Richard A. Gonzalez as CEO, effective July 1, 2024[8](index=8&type=chunk) - Completed the acquisition of ImmunoGen, adding its flagship antibody-drug conjugate (ADC), Elahere, to the oncology portfolio[9](index=9&type=chunk) - Announced a definitive agreement to acquire Landos Biopharma, gaining its lead investigational asset NX-13 for the treatment of ulcerative colitis[17](index=17&type=chunk) - Entered into strategic partnerships with OSE Immunotherapeutics to develop OSE-230 for inflammation and with Tentarix Biotherapeutics for multi-specific biologics in oncology and immunology[18](index=18&type=chunk) [Regulatory and Clinical Updates](index=4&type=section&id=Regulatory%20and%20Clinical%20Updates) The company achieved several key regulatory and clinical milestones. Elahere received full FDA approval, and Epkinly was granted Priority Review for a new indication. Positive Phase 3 data were reported for Rinvoq in two separate studies (GCA and AD), and long-term efficacy data for Qulipta was presented. Additionally, Juvederm Voluma XC received FDA approval for a new aesthetic application - The FDA granted full approval for Elahere for FRα-positive, platinum-resistant ovarian cancer based on the confirmatory MIRASOL Phase 3 trial[10](index=10&type=chunk) - The FDA granted Priority Review for Epkinly's supplemental Biologics License Application (sBLA) for adult relapsed or refractory follicular lymphoma (FL)[11](index=11&type=chunk) - Rinvoq achieved its primary endpoint in the Phase 3 SELECT-GCA study for giant cell arteritis and demonstrated superiority versus Dupixent in the Phase 3b/4 LEVEL UP study for atopic dermatitis[12](index=12&type=chunk)[13](index=13&type=chunk) - Allergan Aesthetics received FDA approval for Juvederm Voluma XC for the improvement of moderate to severe temple hollowing[16](index=16&type=chunk) [Full-Year 2024 Outlook](index=7&type=section&id=Full-Year%202024%20Outlook) This section details AbbVie's updated financial guidance for the full fiscal year 2024, reflecting adjustments based on recent performance and strategic developments [Updated Financial Guidance](index=7&type=section&id=Updated%20Financial%20Guidance) AbbVie raised its full-year 2024 adjusted diluted EPS guidance from the previous range of **$10.97 - $11.17** to a new range of **$11.13 - $11.33**. This updated guidance includes the **$0.08** per share negative impact from IPR&D and milestones expense incurred in the first quarter Full-Year 2024 Adjusted Diluted EPS Guidance | Guidance | Range | | :--- | :--- | | Previous | $10.97 - $11.17 | | **Updated** | **$11.13 - $11.33** | - The updated 2024 guidance includes an unfavorable impact of **$0.08** per share related to acquired IPR&D and milestones expense from Q1 2024[20](index=20&type=chunk) [Financial Statements and Reconciliations](index=9&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed financial statements, including key product revenues, consolidated earnings, and reconciliations of GAAP to non-GAAP measures, offering transparency into AbbVie's financial reporting [Key Product Revenues](index=9&type=section&id=Key%20Product%20Revenues) This section provides a detailed breakdown of net revenues for key products, segmented by U.S. and international markets. It includes reported and operational percentage changes compared to the prior year, offering a granular view of product performance across geographies - The table details revenues for all major products, including Humira, Skyrizi, Rinvoq, Imbruvica, Venclexta, Botox, and Vraylar, showing their respective contributions and growth trends[28](index=28&type=chunk) [Consolidated Statements of Earnings](index=10&type=section&id=Consolidated%20Statements%20of%20Earnings) This statement presents AbbVie's income statement for the first quarter of 2024 compared to the same period in 2023, prepared in accordance with GAAP. It details revenues, costs, operating earnings, and net earnings, culminating in the diluted earnings per share Consolidated Earnings Summary (GAAP) | (in millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net revenues | $12,310 | $12,225 | | Operating earnings | $2,798 | $2,768 | | Net earnings attributable to AbbVie | $1,369 | $239 | | Diluted EPS | $0.77 | $0.13 | [Reconciliation of GAAP to Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides a detailed reconciliation of reported GAAP financial results to adjusted non-GAAP results for the first quarters of 2024 and 2023. It specifies adjustments for items such as intangible asset amortization, acquisition costs, and changes in contingent consideration to arrive at the non-GAAP figures used in management's analysis and guidance - For Q1 2024, pre-tax GAAP earnings of **$1,755 million** were adjusted by items totaling **$3,083 million** (primarily **$1,891 million** in intangible asset amortization) to reach non-GAAP pre-tax earnings of **$4,838 million**[31](index=31&type=chunk)[34](index=34&type=chunk) - The adjusted tax rate for Q1 2024 was **14.8%**, compared to the GAAP tax rate of **21.8%**[34](index=34&type=chunk)

Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense Delivers First-Quarter Net Revenues of $12.310 Billion, an Increase of 0.7 Percent on a Reported Basis and 1.6 Percent on an Operational Basis First-Quarter Global Net Revenues from the Immunology Portfolio Were $5.371 Billion, a Decrease of 3.9 Perce ...

Upadacitinib demonstrated superiority versus dupilumab in primary endpoint of simultaneous achievement of near complete skin clearance (EASI 90) and no to little itch (WP-NRS 0/1) at Week 161 LEVEL UP, a Phase 3b/4 head-to-head study, compared upadacitinib to dupilumab for the treatment of adult and adolescent patients with moderate-to-severe atopic dermatitis who had inadequate response to systemic therapy or when use of those therapies was inadvisable1 The safety profile of upadacitinib was consistent wi ...

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